Is An FHA Loan Right For You
FHA(Federal Housing Administration) is a government backed loan program that offer very flexible underwriting guidelines including lower or no credit scores. Because of the lenient underwriting, FHA loans can be very helpful to many current homeowners and future homebuyers. Pick from a 30/15 year fixed or apply for a government regulated ARM. This loan can be used to refinance or to purchase a home. Below, you will find some important FHA benefits that may help your situation. Please call or email us if you have any further questions.
General Purchase Highlights & Benefits
• Credit Score as low as 560 + FHA allows higher debt to income ratios.
• Gift Funds for down payment and/or closing costs from family or employer is ok.
• Purchase a home with as little as 2.25% down payment. This will fluctuate depending on loan amount but most commonly it’s 3.5%. Down payment assistance is allowed.
• Only 2 years out of Chapter 7 bankruptcy and 3 years out of foreclosure. Small medical and non-medical collections are ok.
• Permanent resident alien status is ok.
• Work visa status ok as long as the work visa has not expired.
• Use to purchase Single Family Residence, Condo, Townhouse, Manufactured home.
• Only 1 month on the job if just graduated from school or 1 month on a new job if no gaps in employment for past 2 years.
General Refinance Highlights & Benefits
• Pull cash-out up to 85% of your home’s value. Loan can be used to pay debt such as credit cards or just get cash at closing. To learn more visit cash-out loans.
• Streamline your current FHA loan. Refinance a current FHA loan without income documentation or appraisal.
• Credit scores as low as 560. **Credit score not required on streamlines**
• Small collections are ok.
• No income restrictions and high debt to income ratios allowed.